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TBI Corn IPO is a book built issue of Rs 44.94 crores. The issue is entirely a fresh issue of 47.81 lakh shares.
TBI Corn IPO bidding started from May 31, 2024 and ended on June 4, 2024. The allotment for TBI Corn IPO was finalized on Wednesday, June 5, 2024. The shares got listed on NSE SME on June 7, 2024.
TBI Corn IPO price band is set at ₹90 to ₹94 per share. The minimum lot size for an application is 1200 Shares. The minimum amount of investment required by retail investors is ₹112,800. The minimum lot size investment for HNI is 2 lots (2,400 shares) amounting to ₹225,600.
Swastika Investmart Ltd and Ekadrisht Capital Private Limited are the book running lead managers of the TBI Corn IPO, while Kfin Technologies Limited is the registrar for the issue. The market maker for TBI Corn IPO is Ss Corporate Securities.
Refer to TBI Corn IPO RHP for detailed information.
| IPO Date | May 31, 2024 to June 4, 2024 |
| Listing Date | June 7, 2024 |
| Face Value | ₹10 per share |
| Price Band | ₹90 to ₹94 per share |
| Lot Size | 1200 Shares |
| Total Issue Size | 4,780,800 shares (aggregating up to ₹44.94 Cr) |
| Fresh Issue | 4,780,800 shares (aggregating up to ₹44.94 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | NSE SME |
| Share holding pre issue | 13,377,605 |
| Share holding post issue | 18,158,405 |
| Market Maker portion | 240,000 shares Ss Corporate Securities |
TBI Corn IPO offers 4,780,800 shares. 908,800 (19.01%) to QIB, 681,600 (14.26%) to NII, 592,000 (12.38%) to RII and 1,358,400 (28.41%) to Anchor investors.
| Investor Category | Shares Offered |
|---|---|
| Anchor Investor Shares Offered | 1,358,400 (28.41%) |
| Market Maker Shares Offered | 240,000 (5.02%) |
| QIB Shares Offered | 908,800 (19.01%) |
| NII (HNI) Shares Offered | 681,600 (14.26%) |
| Retail Shares Offered | 592,000 (12.38%) |
| Total Shares Offered | 4,780,800 (100%) |
TBI Corn IPO raises Rs 12.77 crore from anchor investors. TBI Corn IPO Anchor bid date is May 30, 2024. TBI Corn IPO Anchor Investors list
| Bid Date | May 30, 2024 |
| Shares Offered | 1,358,400 |
| Anchor Portion Size (In Cr.) | 12.77 |
| Anchor lock-in period end date for 50% shares (30 Days) | July 5, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | September 3, 2024 |
TBI Corn IPO opens on May 31, 2024, and closes on June 4, 2024.
| IPO Open Date | Friday, May 31, 2024 |
| IPO Close Date | Tuesday, June 4, 2024 |
| Basis of Allotment | Wednesday, June 5, 2024 |
| Initiation of Refunds | Thursday, June 6, 2024 |
| Credit of Shares to Demat | Thursday, June 6, 2024 |
| Listing Date | Friday, June 7, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on June 4, 2024 |
Investors can bid for a minimum of 1200 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1200 | ₹112,800 |
| Retail (Max) | 1 | 1200 | ₹112,800 |
| HNI (Min) | 2 | 2,400 | ₹225,600 |
| Lot Size Calculator | |||
The promoters of the company are Mr. Yogesh Laxman Rajhans and Mrs. Asha Laxman Rajhans.
| Share Holding Pre Issue | 76.65% |
| Share Holding Post Issue | 57.71% |
Incorporated in 2000, TBI Corn Limited is a manufacturer and exporter of Corn Meal Grits. The Company is ISO 9001:2015 and ISO 22000:2018 certified.
The company specialize in producing high-quality Corn/Maize Grits and related products in the Sangli district of Maharashtra, India.
The company sells various products, including fat-free corn grits/meals, corn flakes, stone-free broken maize and corn flour, and turmeric finger.
All products are made without chemical additives or preservatives and are GMO-free.
The company exports its products to various countries such as Dubai, Oman, Jordan, South Africa, and Vietnam.
As of 31st December 2023, the company has a total of 48 employees
TBI Corn Limited's revenue increased by 39.07% and profit after tax (PAT) rose by 1419.24% between the financial year ending with March 31, 2023 and March 31, 2022.
| Period Ended | 31 Dec 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 9,511.50 | 12,162.04 | 4,317.63 | 4,254.86 |
| Revenue | 10,196.53 | 14,042.63 | 10,097.26 | 6,776.38 |
| Profit After Tax | 766.45 | 686.09 | 45.16 | 23.93 |
| Net Worth | 4,067.70 | 2,677.81 | 683.24 | 512.42 |
| Reserves and Surplus | 2,729.94 | 1,677.49 | ||
| Total Borrowing | 5,137.13 | 6,352.82 | 2,549.48 | 2,300.94 |
| Amount in ₹ Lakhs | ||||
The market capitalization of TBI Corn IPO is Rs 170.69 Cr.
KPI as of December 31, 2023.
| KPI | Values |
|---|---|
| ROE | 18.84% |
| ROCE | 18.65% |
| Debt/Equity | 0.43 |
| RoNW | 18.84% |
| P/BV | 3.09 |
| PAT Margin (%) | 7.59 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 5.13 | 5.63 |
| P/E (x) | 18.33 | 16.7 |
The Issue Proceeds from the Fresh Issue will be utilized towards the following objects:
[Dilip Davda] The company is operating in a highly competitive and fragmented segment of corn milling. It marked boosted growth for the last 21-month financial performance, which raised eyebrows and concern over its sustainability going forward. Based on FY24 annualized super earnings, the issue appears aggressively priced. Well-informed investors may park moderate funds for the medium term rewards. Read detail review...
The TBI Corn IPO is subscribed 231.21 times on June 4, 2024 6:19:55 PM. The public issue subscribed 523.29 times in the retail category, 81.41 times in the QIB category, and 516.50 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) |
|---|---|
| QIB | 81.41 |
| NII | 516.50 |
| Retail | 523.29 |
| Total | 231.21 |
Total Application : 258,158 (194.69 times)
| Listing Date | June 7, 2024 |
| BSE Script Code | |
| NSE Symbol | TBI |
| ISIN | INE0N2D01013 |
| Final Issue Price | ₹94 per share |
| Price Details |
|---|
| Final Issue Price |
| Open |
| Low |
| High |
| Last Trade |
| NSE SME |
|---|
| ₹94.00 |
| ₹198.00 |
| ₹198.00 |
| ₹207.90 |
| ₹207.90 |
TBI Corn Limited
A5/3 & A5/4, MIDC,
Miraj, Tal- Miraj
Dist- Sangli 416410
Phone: (0233) 2644950
Email: cs@tbicorn.com
Website: https://tbicorn.com/
Kfin Technologies Limited
Phone: 04067162222, 04079611000
Email: tbi.ipo@kfintech.com
Website: https://kosmic.kfintech.com/ipostatus/
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Check our SME IPO Guide 
TBI Corn IPO is a SME IPO of 4,780,800 equity shares of the face value of ₹10 aggregating up to ₹44.94 Crores. The issue is priced at ₹90 to ₹94 per share. The minimum order quantity is 1200 Shares.
The IPO opens on May 31, 2024, and closes on June 4, 2024.
Kfin Technologies Limited is the registrar for the IPO. The shares are proposed to be listed on NSE SME.
Zerodha customers can apply online in TBI Corn IPO using UPI as a payment gateway. Zerodha customers can apply in TBI Corn IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in TBI Corn IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The TBI Corn IPO opens on May 31, 2024 and closes on June 4, 2024.
TBI Corn IPO lot size is 1200 Shares, and the minimum amount required is ₹112,800.
You can apply in TBI Corn IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Nuvama, ICICI Bank, HDFC Bank and SBI Bank.
The finalization of Basis of Allotment for TBI Corn IPO will be done on Wednesday, June 5, 2024, and the allotted shares will be credited to your demat account by Thursday, June 6, 2024. Check the TBI Corn IPO allotment status.
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Kfin I guess may be little late but mostly get it done before midnight, which is fine.